The "three Characters" in The Play
A trust generally involves three "persons" in its creation and administration: (A) a settlor or grantor who creates the trust; (B) a trustee who administers and manages the trust and its assets; and (C) a beneficiary who receives the benefit of the administered property in the trust. In many instances where a revocable living trust is involved, one person can serve as grantor, trustee and beneficiary simultaneously until they die. In many other instances, especially after the death of the initial grantor, there will be different persons named to be trustee(s) or beneficiary(ies). There can be more than one of any of these "persons" in a trust at any one time.
Read more about this topic: United States Trust Law
Famous quotes containing the words characters and/or play:
“Do you set down your name in the scroll of youth, that are written down old with all the characters of age?”
—William Shakespeare (1564–1616)
“If you think dope is for kicks and for thrills, you’re out of your mind. There are more kicks to be had in a good case of paralytic polio or by living in an iron lung. If you think you need stuff to play music or sing, you’re crazy. It can fix you so you can’t play nothing or sing nothing.”
—Billie Holiday (1915–1959)